Arkansas Code Title 6. Education § 6-2-103. Purpose of incorporation

(a) The purpose for which every such corporation shall be established shall be distinctly specified in its articles of association.

(b) It shall not be lawful for the corporation to divert or appropriate its funds or property for any other purpose unless authorized to do so by the person, conference, convention, association, synod, or other body under whose auspices the institution may have been established or for whose benefit it may be maintained, or by which it may be controlled.